Creadev et al. inject €40m in InnovaFeed

Leading the round was Creadev, a French private equity firm directly managed by the Mulliez family, alongside historical backers, including Olivier Duha (founder of Webhelp), Caisse d'Epargne, BNP Paribas, HSBC, and some partners of Accuracy, according to a statement by InnovaFeed. Historical backers Alter Equity and Finovam have not recommitted to the round.  

Singaporean investment company Temasek also invested in the business, according to French publication Capital Finance.

Innovafeed plans to invest €200m to establish five new production sites by 2022.

Previous funding
In February this year, French VC firm Alter led a €15m funding round for InnovaFeed.  Additional backers in the round included early-stage VC firm Finovam Gestion, IRD Group's investment fund, Nord Création, and Siparex-managed fund Nord France Primeur, as well as several entrepreneurs.

With the fresh capital, InnovaFeed intended to build a second production facility to accelerate its commercial capacities.

Alter invested in the company via Alter Equity 3, which held a final close on €41.5m in January 2013.

Company 
Founded in 2016 and headquartered in Évry, InnovaFeed is an agricultural technology company that aims to develop a sustainable way to produce protein using regionally available, low-value materials.

Since EU regulation authorised the use of insect protein in aquaculture in 2017, InnovaFeed has been able to develop an insect flour that is used to feed fish.

People 
Alter Equity – Fanny Picard (founding partner). 
InnovaFeed – Aude Guo, Bastien Oggeri, Clément Ray (co-founders).

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